Washington and Oregon Surety and Contract Bonds
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Surety and Contract Bonds
Sometimes, as a contractor, you will be required to have a surety bond (sometimes called contract bond) to make sure that you complete the task as outlined in the contract. Vern Fonk can help you get a surety bond for your business so that you can get back to work and on your way to making more money.
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What is a Surety Bond?
A surety bond (contract bond) is something that you can get to certify that the job will be done according to what is contractually obligated. If it is not, a certain amount of money (determined in the bond) will be paid to the person getting the work done.
A surety bond is created to protect the person getting the work done. It protects them from contracting work that doesn’t get done according to the contract.
There are many different types of contract bonds that you can get, depending on what type of industry you are in. There are bonds for general contractors, specialty contractors, electric contractors, etc. The amount of the bond also varies and can be determined at the time of purchase. They are typically between $5,000 – $100,000 but can be even larger.
A surety bond is not an insurance policy, it is a guarantee that the contractor will perform the obligation as stated in the bond. If the contractor fails to perform the obligation, the surety bond provider will make a payout to the client up to the bond limit.
If you are in need of a surety bond, call Vern Fonk today to learn more. Our expert staff can help you find a bond that works for both the contractor and the client and get it to you fast!
Reasons to Get a Surety Bond
Most public and private constructions projects require a surety bond
Surety bonds offer protection against uncertainties and offer added client protection
Contractors are required to inform homeowners whether or not they have a contractors license bond